Company Registration No. 09386665 (England and Wales)
Stephenson Law Limited
Unaudited accounts
for the year ended 31 March 2021
Stephenson Law Limited
Unaudited accounts
Contents
Stephenson Law Limited
Company Information
for the year ended 31 March 2021
Directors
Alice Stephenson
Edward Boal
Alison Berryman
James May
Company Number
09386665 (England and Wales)
Registered Office
Desklodge House
Redcliffe Way
Bristol
BS1 6NL
England
Accountants
Caroline Kelly Accountancy & Consulting Limited
Maisonette
Main Road
Groesfaen
Cardiff
CF72 8NQ
Stephenson Law Limited
Statement of financial position
as at 31 March 2021
Intangible assets
14,315
-
Tangible assets
67,368
38,046
Cash at bank and in hand
180,994
27,476
Creditors: amounts falling due within one year
(548,770)
(317,510)
Net current assets
438,866
247,301
Total assets less current liabilities
520,551
285,347
Creditors: amounts falling due after more than one year
(380,335)
(69,883)
Net assets
140,216
215,464
Called up share capital
2
2
Profit and loss account
138,272
213,520
Shareholders' funds
140,216
215,464
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2021 and were signed on its behalf by
Alice Stephenson
Director
Company Registration No. 09386665
Stephenson Law Limited
Notes to the Accounts
for the year ended 31 March 2021
Stephenson Law Limited is a private company, limited by shares, registered in England and Wales, registration number 09386665. The registered office is Desklodge House, Redcliffe Way, Bristol, BS1 6NL, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of Financial Reporting Standard 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The financial statements have been prepared on a going concern basis under the historical cost convention.
Exemption from preparing group financial statements
These financial statements contain information about Stephenson Law Limited as an individual Company and do not contain consolidated financial information as the parent of a Group.
The Company is exempt from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings qualify as a small Group.
Functional and presentation currency
The financial statements are presented in British Pound Sterling ("Sterling"), which is the Company's reporting and functional currency.
The Directors closely monitor and manage the Company's cash flow, funding and liquidity position and consider that the Company has adequate resources to continue in operation for the foreseeable future, being at least 12 months from the date of approval of these financial statements. Accordingly, the Directors consider it appropriate to continue to prepare the financial statements on the going concern basis.
Turnover represents fees billed, excluding disbursements, discounts, rebates, value added tax and other sales taxes, together with accrued revenue for services provided but not billed as at the balance sheet date.
Turnover is recognised in line with the performance of services. Where services have been performed but not billed, accrued revenue is included within turnover based on an assessment of the fair value of the time recorded at that point in time.
Stephenson Law Limited
Notes to the Accounts
for the year ended 31 March 2021
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Grants received in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The Company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account in the period to which they relate.
Monetary assets and liabilities in foreign currencies are retranslated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Basic financial instruments are recognised at amortised cost.
Intangible fixed assets are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible fixed assets are included at cost less depreciation and impairment.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% Straight Line
Computer equipment
33.3% Straight Line
4
Intangible fixed assets
Other
Stephenson Law Limited
Notes to the Accounts
for the year ended 31 March 2021
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2020
7,416
40,028
47,444
Additions
22,057
27,905
49,962
Disposals
(3,150)
(1,132)
(4,282)
At 31 March 2021
26,323
66,801
93,124
At 1 April 2020
2,043
7,355
9,398
Charge for the year
4,006
12,352
16,358
At 31 March 2021
6,049
19,707
25,756
At 31 March 2021
20,274
47,094
67,368
At 31 March 2020
5,373
32,673
38,046
6
Investments
Subsidiary undertakings
Valuation at 1 April 2020
-
Valuation at 31 March 2021
2
At 31 March 2021, the Company held 100% of the share capital of Flamenco Law Limited and Macaw Consulting Limited. Both of these companies are incorporated in the UK.
7
Debtors: amounts falling due within one year
2021
2020
Trade debtors
94,884
76,796
Amounts due from group undertakings etc.
38,370
-
Accrued income and prepayments
66,187
5,225
Other debtors
607,201
455,314
Stephenson Law Limited
Notes to the Accounts
for the year ended 31 March 2021
8
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
38,758
18,439
Trade creditors
19,995
17,238
Amounts owed to group undertakings and other participating interests
1
-
Taxes and social security
199,915
204,874
Other creditors
76,801
2,622
Loans from directors
-
2,809
9
Creditors: amounts falling due after more than one year
2021
2020
Aggregate of amounts that fall due for payment after five years
37,500
-
Allotted, called up and fully paid:
2,250 Ordinary shares of £0.001 each
2.25
2.25
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
342,124
140,314
-
482,438
342,124
140,314
-
482,438
Loans to Directors of £482,438 as at 31 March 2021 are included within other debtors (31 March 2020: £342,124 included within other debtors).
Amounts repaid post year end, up to the date of approval of these financial statements, totalled £100,000.
Other debtors also includes £124,292 (2020: £111,190) in relation to S455 tax that will be reclaimable by the Company on repayment of the overdrawn Directors' loan account.
12
Post balance sheet events
Dividends of £100,000 relating to the financial year ended 31 March 2021 were declared and paid on 31 May 2021.
13
Average number of employees
During the year the average number of employees was 22 (2020: 11).
